Gift card scam: The National hunter fraud prevention service recorded a 34% increase in fraud rate during the lockdown period in the US. The Nigeria inter-bank settlement system also recorded a 173% increase in online fraud. This online space in recent times has a lot of hooks looking for fishes to catch. That is why one has to be careful and up to date with various red flags to look out for when carrying out a trade or transaction online to avoid falling into the hands of scammers. Due to the increase in the usage of gift cards, the scam rate channeled to it has been high although, they can be easily spotted.
Why Gift Cards?
You’ll have thoughts running through your mind about why gift cards can be a target when there are supposedly other ways scammers can carry out their operations. Gift cards are targets because they are difficult or impossible to trace, so it seems one of the best mediums for carrying out their activities without being caught. A credit card scam can be traced easily or a cheque because they are tied to someone while a gift card isn’t, which has made it very difficult to lay claims or trace. Majority of these fraudulent acts are carried out online, while a few of them are offline/physical.
Though scammers can be tricky, you should be able to avoid been scammed by following the following step
1) Third-party platforms claiming to help you check your gift card balance;
Wanting to know your gift card balance after an initial usage through third-party platforms is one reason people get into gift card scams. Gift cards can be purchased physically (at a supermarket or a store or directly from the card issuer) or online. Checking balance, however, takes place mainly on the official website of the card issuer. Listed below are some valuable links to checking your gift card balance.\
Get the play store app
Go to your account
Select gift card and view the balance on any of your accounts.
Note: Some of the websites listed above are location selective (not available in some countries). For more information for other cards, contact our CardVest customer representative on the live chat, and you will be appropriately directed.
2) Check for broken seals;
One way gift card issuers protect their customers is by sealing the personal identification numbers panel to avoid being revealed to third parties. You would want to check the packaging of your gift card well, either when delivered or when purchased physically at a store, to avoid it been tampered with by scammers. Once you notice it tampered with, do well to pick another one.
3) Asking to double your gift card value;
One popular method scammers adopt is presenting double value for your current gift card as a reward for performing a particular task or completing a survey. Majority of those that embrace this medium want to get your gift card codes trickily.
4) Converting gift cards to cash;
Usually, people want to convert unused gift cards to money and in the process, they get to fall into the hands of scammers. Due care has to be taken to ensure that whatever platform you are trading your gift card on is a trusted platform. Different trusted platforms buy and sell gift cards, but CardVest stands out to be unique because we offer the best rate to trade your gift card and also provide fast and swift services.
Unwanted gift cards for cash? According to Gift Card & voucher association and KPMP UK, Gift card sales shoot by almost 50 % during the lockdown. Gift cards have evolved from being a small part of the market to be an industry itself. Gift card demand has continued to be on the rise. However, lack of proper knowledge on the usage and importance of gift cards has resulted to most of them been left dormant while others are placed carelessly, which has been a major challenge. There are two types of gift cards: open-loop and closed-loop cards. Open-loop cards are used as debit or credit cards used at any store or with any merchant where the card is accepted, while a closed-loop card works with a specific merchant or store. Example of gift cards are iTunes, Amazon, Steam Wallet, Google Play, Apple Store, eBay, Walmart, Sephora, OneVanilla, Nordstrom, Target, JCPenny, Blue Buy, Nike, Hotels.com, Macy’s, Gamestop, Xbox, Vanilla, G2G, American Express (AMEX), OffGamers, Foot Locker, Visa, Play station and others. Some of the most valuable cards are iTunes, Walmart, Starbucks, target, etc.
In recent times, gift cards are converted to cash either as a result of not needing what the card can redeem ( when the recipient does not get the exact card they want) or need of urgent cash. In 2015, about $1 billion value in gift card were left unspent. They also expire after five years of inactivity or attract an inactivity fee after a year. So Various platforms perform this conversion. Due to the rise In demand, there has been a rise in fraudulent platforms too. Hence, one must be careful in selecting the platform to perform this trade to avoid being scammed.
CardVest offers the best rate you can get anywhere and processes payments with light speed, putting our customer’s satisfaction is our topmost priority. We have been in existence since 2016, and we’re designed and simplified for beginners and experienced gift card traders. Our amazing positive reviews have given us mentions in reputable newspapers and blog outfits in Nigeria.
The Benefit of converting unwanted gift cards for cash with CardVest
We have our customer’s satisfaction at heart! You get to convert your gift card to cash at juicy rates !! Check rates here (https://cardvest.ng/app/public/rates)
With Cardvest, you don’t have to worry about your funds no matter the size of the transaction. Your funds are safe and secured with us. We can confidently say we are one of the most trusted platforms for converting your gift cards to cash.
Your transaction gets processed within 5minutes. Yes! We treat your transactions that urgent because customer satisfaction is our topmost priority. Once your trade is CONFIRMED, your payment will be processed between 3-5minutes.
When you invite a friend to trade with us with your referral link, you get a #500 referral bonus.
Swift Customer Support;
Our customer representatives are always available to attend to your issues and proffer solutions to any problem you might encounter.
Converting Gift Card to Cash
After creating an account and successfully signing in, select the Gift card you want to sell or buy. For example, suppose you select Walmart in the gift card category. In the sub-category, you have to specify further by choosing between USA Walmart Physical 100, USA Walmart 200-300 and, USA Walmart physical 400-500. Then input the amount in USD, and it’ll be calculated automatically in Naira, then click proceed to trade.
After selecting Gift card to sell, select proceed.
The image below shows where you’ll place your order after providing the necessary information to complete your trade.
CardVest process your withdrawal within 3-5minutes after the trade has been confirmed. It takes less than 5 minutes to process cash to your local bank under normal circumstances. Banks at times have issues that can delay payment. If you don’t get the payment within 24 hours, contact us.